Apprasial question

[Anonymous]

Alright so they're building me a house.  What happens on the final apprasial?  Without digging out my contract and all that legalese, what can I expect?

Is this guy someone the builder sends out there, mortgage company, or some local agency?  And if the builder sends him out there, how does that work with impartiality?

What happens if he appraises it, for say 5k less than the contract?  They gonna expect me to pay 5k more than the house is worth?  And what if it goes the other way, 5k more than the contract says, they gonna ask for more?  Which would be consistent if you expect less if the apprasial comes in short.

Not bought a house in 38 years, so I'm just wondering.

[StartingOver10]

The lender sends the appraiser out. The builder anxiously waits for the value too. If the appraisal comes in over the contract price you don't have to pay more for the house because you already have a contracted price. If it comes in low then you can renegotiate with the builder in most cases. However you would have to look at your contract to see what it says about it.